I was outraged to learn that my property taxes have increased by 110% from the last assessment on the few properties that my wife and I have purchased over the past three years in Breckenridge, Colorado. Our aching economy just cannot handle another blow like this one, specifically when our local economy is mainly driven by the real estate industry from sales, vacation rentals, new construction projects and other services tightly associated with the real estate industry. My property tax on a vacant lot in the Breckenridge Highlands went up from $3800 to $8000 from the last assessment on the pretentious argument that the value of my lot has increased to exceed $500,000. The fact of the matter is that I actually had this particular lot for sale for almost two years and I have initially listed the property at $420,000 and I had to lower the price to $325,000 and still I have not received one offer.
I understand the strict mathematical formula used to determine property taxes based on comparable sales values within a specific year, nevertheless, our local assessors are purposefully acting dump and evaluating all properties in a given area at a similar values regardless of location, age, views and other factors that usually play a big role in determining the true value of a property in the real market.
The increase in assessed property values throughout Breckenridge and Summit county is adding a heavy burden on an already struggling community making it harder for businesses and families to survive the current nationwide economical crises where everyone is being demanded to pay taxes on property values that exceed the current market values by almost %20-40%.
Many community residents are being forced to sell their commercial and residential properties due to the higher taxation and the lack of local economical stimulation. Summit county residents who bought their homes over 10 years ago for $200,000 – $300,000 and have lower paying jobs find it very difficult to pay property taxes on an assessed $800,000 property values. Property tax reform is really needed in Colorado where, like many other states such as Florida, property owners are taxed on the purchased value and never on the assessed value of their properties. It is unfair for government assessors to impose such a burden on our community now and in the future.